El Salvador & Panama - Economic & Investment Outlooks with Alejandro Cifuentes

So what about Panamanian assets then? I mean, where should investors be looking if they want to invest in Panama? Bonds, equities, bonds? Real estate, I mean, what's attractive, what's unattractive at the moment in Panama?

I think, so let's go macro to micro.

The sovereign debt, I think there's going to be a trade there.

But I think...

For the patient investor, you're going to have to wait a little bit more.

I think spreads will widen a little bit more.

Maybe things will get more jittery with Trump and whatnot.

But I think a trade is going to happen there.

And we're just waiting for spreads to move a little bit more.

I think we yield heat around 8% on the 32s.

I think that's a buy signal on the 2032s from the Panama Debt.

Once around 8%, I think that's a clear buy from Because the government will do, I think, fiscally, they will be much more responsive to the previous administration.

Locally, we still like some companies that we still follow.

We actually publish research on them.

For example, you still have large banks, insurance companies, operating companies.

that are shelling out maybe around or paying out maybe around six percent dividends they're growing double the eclipse and the issue with that is you're gonna have to have local access because everything is listed in the local stock exchange

honor one of our main trade ideas for 2025

is actually the short part of the curve the corporate curve on the corporate credit curve in locally It pays out for great issuers around maybe 150 to 200 basis points spread increase compared to what you find in the US in the short part of the curve.

You'll get great yield with very low volatility and very low risk.

And I think those are our main ideas.

Real estate, we're not doing that much.

The real estate market in Panama is a little challenged right now.

There's a lot of overconstruction.

But I think it just needs to dig this out of the economy.

Yeah, you mentioned overconstruction.

So what about Panamanian assets then? I mean, where should investors be looking if they want to invest in Panama? Bonds, equities, bonds? Real estate, I mean, what's attractive, what's unattractive at the moment in Panama?

I think, so let's go macro to micro.

The sovereign debt, I think there's going to be a trade there.

But I think...

For the patient investor, you're going to have to wait a little bit more.

I think spreads will widen a little bit more.

Maybe things will get more jittery with Trump and whatnot.

But I think a trade is going to happen there.

And we're just waiting for spreads to move a little bit more.

I think we yield heat around 8% on the 32s.

I think that's a buy signal on the 2032s from the Panama Debt.

Once around 8%, I think that's a clear buy from Because the government will do, I think, fiscally, they will be much more responsive to the previous administration.

Locally, we still like some companies that we still follow.

We actually publish research on them.

For example, you still have large banks, insurance companies, operating companies.

that are shelling out maybe around or paying out maybe around six percent dividends they're growing double the eclipse and the issue with that is you're gonna have to have local access because everything is listed in the local stock exchange

honor one of our main trade ideas for 2025

is actually the short part of the curve the corporate curve on the corporate credit curve in locally It pays out for great issuers around maybe 150 to 200 basis points spread increase compared to what you find in the US in the short part of the curve.

You'll get great yield with very low volatility and very low risk.

And I think those are our main ideas.

Real estate, we're not doing that much.

The real estate market in Panama is a little challenged right now.

There's a lot of overconstruction.

But I think it just needs to dig this out of the economy.

Yeah, you mentioned overconstruction.